Seven Baby Steps: Plan, Focus, Control
You need to establish a Budget to have a plan for your money each month.
Habakkuk 2:2 KJV And the LORD answered me, and said, Write the vision, and make it plain upon tables, that he may run that readeth it.
Habakkuk 2:2 MSG And then GOD answered: “Write this. Write what you see. Write it out in big block letters so that it can be read on the run.
- $ 1,000 to start an emergency fund
$ 500 (if income is $20,000 or less)
- Pay off all debt using the Debt Snowball
Proverbs 6:4-5 NKJV Give no sleep to your eyes, Nor slumber to your eyelids. (5) Deliver yourself like a gazelle from the hand of the hunter, And like a bird from the hand of the fowler.
Proverbs 22:7 NKJV The rich rules over the poor, and the borrower is servant to the lender.
Steps Out of Debt:
- Quit borrowing more money !
- You must save
- Take a part-time job.
- Prayer really works.
- 3-6 months of expenses in savings
You Should Save for 3 Reasons:
- Emergency Fund
- Wealth Building
Proverbs 21:20 NIV In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.
- Invest 15 % of household income into Roth IRAs and tax-advantaged retirement accounts
- Have a dream meeting with your spouse or accountability partner.
- Identify the GAP.
- Numbers change when people
Proverbs 16:9 NKJV A man’s heart plans his way, But the Lord directs his steps.
- College funding for children
- An Education Savings Account (ESA) funded in growth stock mutual funds is best.
You Can Pay for College if You:
- Select an affordable
- Aim for scholarships.
- Get a job.
- Pay off your home mortgage.
- It is not wise to keep your home mortgage as a tax deduction.
- What could you do if you had no payments?
- Build Wealth and Give!
- Your most powerful wealth-building tool is your income
- Giving is possibly the most fun you will ever have with money.